Mashreq Bank and Cashew Payments introduce “Buy now pay later” offering across the UAE
- “Buy now, pay later” options let consumers break up their purchases into installment payments without interest or fees.
Mashreq Bank, one of the leading financial institutions in the UAE has collaborated with Cashew Payments, to enable acceptance of their “buy now pay later” offering to consumers at Mashreq merchant partners across the UAE, thus offering them greater flexibility on payment options. Cashew Payments is a Fintech company that provides consumer-friendly payment alternatives to cash and credit cards
The partnership further demonstrates Mashreq’s leadership in offering omni-channel payment products and convenient financing solutions to its customers along with accelerating digital payments adoption in the UAE. In addition, the bank is one of the top three merchant acquirers in the country, with volume having surged by more than 35% in Q1 2021 when compared to the same period last year. The bank has also saw e-commerce volumes grow by more than 250% in 2020 compared to the previous year.
Kartik Taneja – EVP, Head of Payments, Mashreq Bank, said, “This is a very timely partnership for us, as customers increasingly look for affordable methods to pay for their purchases. Similarly, merchants will significantly benefit from the partnership due to an enhanced payment experience, thereby drawing more customers and increasing their sales. As the use of contactless payments and digital wallets across the UAE steadily increases, we anticipate the uptake of BNPL services to follow suit. We are glad that by joining forces with Cashew Payments we were able to make this new solution available to thousands of customers in the UAE.”
In his comments, Ammar Afif, founder of cashew, said: “It gives us immense pride to join forces with Mashreq Bank and continue our march towards developing a dynamic fintech ecosystem. This partnership will allow us to boost merchants’ commercial efforts, present customers with premium financing services, and consolidate the UAE’s prominent global position on the innovation and progressive spectrums.”
In pursuance of its vision and ambition, cashew is currently running pilot transactions with its first group of local merchants across the lifestyle, education, healthcare and automotive sectors after which it will expand to international brands with additional services.
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.
As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions , Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World’s Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.